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    Credit: PUBLIC WORKS

    Areas of GASB 34 complianceRespondents to an exclusive survey of PUBLIC WORKS readers reported that they are already compliant with GASB 34 reporting requirements in a number of areas. The following lists the percentage of respondents who said they are GASB 34 compliant in the areas we surveyed them about.

Staffing the efforts also presents an obstacle. “The major challenge has been allocation of labor hours to spend on GASB 34, as we did not have funding to hire additional staff,” said Paul A. Morrow, accounting supervisor for Medford, Ore.

High-tech tools can help public works professionals identify and valuate their assets. “The city of Reno used GIS [geographic information system] maps to identify all of the property zoning districts within the city limits,” said Lynette Hamilton, senior accountant for the city. “We also used our pavement management system to identify the total paved lane miles within the city limits; this information was then used to derive values for our streets.”

Fortunately, if you're behind the GASB 34 eight ball, there are a number of resources that offer information, assistance, and advice:

American Institute of Certified Public Accountants www.aicpa.org

Connecticut State Comptroller: www.osc.state.ct.us

Government State Accounting Board: www.gasb.org

New York State Society of CPAs: www.nysscpa.org

SmartPros Ltd.: http://accounting.smartpros.com